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Friday, 4 September 2015

If you are here, we can probably assume that you are among the many professionals in Red Deer who tend to confuse general liability insurance coverage with professional liability insurance coverage... or among those who simply don't know the difference between the two.

Don't worry, though -- there is absolutely no shame in that. While those two policies share several things in common, you have to realize that they differ completely from one another. Today, we will explain to you exactly how they differ... and maybe even help you figure out which one you would benefit the most from purchasing.

So without further ado, let's look at general liability insurance coverage.

Red Deer general liability insurance coverage such as the one offered by Sharp Insurance covers businesses from claims related to bodily and/or property damage. A common claim associated with this policy is a customer experiencing a slip and fall on business property, injuring themselves, and then proceeding to sue said business for damage. Keep in mind that most of the time this policy covers property damage caused by employees as well.

What about professional liability insurance policy?A Red Deer professional liability insurance policy, on the other hand, covers professionals from claims of errors and/or omissions. Common claims related to this policy are claims of malpractice and negligence. Unlike general liability insurance coverage, this coverage covers only ONE person. It provides financial aid to the insured in the event of someone filing a lawsuit against them.

So which one do you need? It depends on whether or not you own a business. If you are a professional currently working for a company, then chances are that a professional liability insurance policy would be enough for you. But if you own a business, then you might benefit from purchasing those two policies... assuming you work in a field in which the threat of being sued exists!